In U.S. economic news, the final read on December IHS Markit manufacturing PMI came in at 54.3, hitting a 21-month high. A number above 50 signals expansion, while a number below 50 shows contraction. The ISM manufacturing index read for December, meanwhile, came in at 54.7, above November's read of 53.2. and construction spending hit its highest level in more than 10 years in November.

In oil markets, Brent crude traded at around $55.58 a barrel on Tuesday, down 2.18 percent, while U.S. crude was around $52.44 a barrel, down 2.38 percent.

Oil prices appeared to be boosted by increasing optimism among investors that a deal between OPEC and non-OPEC members to cut production would drain global oversupply.